Paragon Bank has completed a £3.8 million development finance facility for the conversion of a historic city centre office building in Bath into 15 private residential apartments. This transaction marks the bank's second collaboration with ORM Developments. The project has an estimated gross development value of approximately £6.2 million.
The building at 9 Great Pulteney Street will be converted into 15 units, comprising a mixture of one- and two-bedroom apartments. It is a Grade I listed building, originally completed in 1793. The project aims to preserve the historic character of the structure while creating modern living spaces.
Historic Heritage and Development Opportunities
Simon Dekker of ORM Developments expressed satisfaction with the renewed collaboration with Paragon Bank. He emphasised that the location in Bath is unsurpassed, and Great Pulteney Street represents one of Bath's most prestigious addresses. The location is made attractive by its proximity to the city's most renowned sights, the railway station, and shopping facilities.
The repurposing of historic buildings for residential use is a relevant trend in the British real estate market. It enables the revitalisation of city centres and contributes to the creation of much-needed housing, while preserving architectural heritage. This project in Bath serves as an example of such successful initiatives.
The Role of Financing Partners
Adrian Reeves, Senior Relationship Manager at Paragon Bank, underscored his team's ability to structure complex financing for high-profile projects. He highlighted that this latest transaction enables another high-quality project with ORM Developments. The expertise of ORM Developments in the high-end residential segment is highly valued.
The continuous collaboration between financial institutions such as Paragon Bank and experienced developers like ORM Developments is crucial for the realisation of such undertakings. It secures the necessary funds for the transformation of existing buildings and contributes to the dynamic development of local property markets.
